Roxgold Drills 38.3 g/t Au Over 12m, 28.3 g/t Au Over 16m in Koula Deposit as Séguéla Advances Toward Goal of Initial Production Next Year

Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) is pleased to announce additional results and the successful conclusion of the infill drilling program from the newest high grade deposit, Koula, at the Séguéla Gold Project (“Séguéla”) located in Côte d’Ivoire.

Séguéla Gold Project, Côte d’Ivoire:

Highlights from Reverse Circulation (“RC”) and Diamond tail (“RD”) drilling

Koula

• 12 metres (“m”) at 38.3 grams per tonne gold (“g/t Au”) in drill hole SGRD1065 from 180m including
  • 4m at 104.4 g/t Au from 181m
• 16m at 28.3 g/t Au in drill hole SGRD1083 from 77m including
  • 2m at 159.6 g/t Au from 83m
• 15m at 24.0 g/t Au in drill hole SGRC1025 from 42m including
  • 3m at 95.7 g/t Au from 47m
• 9m at 30.5 g/t Au in drill hole SGRD1064 from 124m including
  • 5m at 52.2 g/t Au from 124m
• 13m at 15.1 g/t Au in drill hole SGRD1032 from 189m including
  • 3m at 42.7 g/t Au from 195m
• 11m at 13.9 g/t Au in drill hole SGRD1066 from 203m including
  • 4m at 12.7 g/t Au from 205m and
  • 1m at 72.3 g/t Au from 213m
• 5m at 19.1 g/t Au in drill hole SGRD1070 from 110m including
  • 2m at 45.5 g/t Au from 112m

“The infill program for Koula to bring the deposit into the upcoming Séguéla Feasibility Study has been successfully completed,” commented John Dorward, President and Chief Executive Officer of Roxgold. “Since announcing the discovery of Koula six months ago, we have seen the deposit repeatedly return some of the highest grade intersections drilled to date on the property, reinforcing the December 2020 Séguéla resource update which included a maiden inferred mineral resource from Koula of 281,000 ounces at 8.1 g/t – making Koula among the highest grade open pit gold deposits in West Africa. The implications of the inclusion of Koula into the Feasibility Study are apparent, and we are confident that the market will see material improvements upon the already robust Preliminary Economic Assessment when the Feasibility Study is released next quarter.

“While the infill program for Koula has been completed, our drills are still turning, as we look to test the extension potential of Koula along strike and at depth; as well as returning to Ancien to resume the extension testing program which was deferred upon the discovery of Koula. Additionally, our scout drill program has resumed as we have over 28 named targets across the Séguéla project and continue to identify further targets with boots on the ground. Séguéla has already become a cornerstone asset for Roxgold, and we believe that the project will continue to grow in importance in our portfolio as we advance it toward initial production next year and expand its scope through additional exploration success.”

Paul Weedon, Vice President Exploration commented “These outstanding high grade results mark the conclusion of the Indicated infill drill program ahead of modelling and inclusion in the forthcoming Feasibility Study due in the second quarter.  These results continue the high grade theme that we have seen at Koula, with results such as 12m at 38.3 g/t from 180 metres down-hole in SGRD1065, 16m at 28.3 g/t Au in drill hole SGRD1083 from 77m down-hole, and 15m at 24.0 g/t Au in drill hole SGRC1025 from 42m down-hole.  With the deposit open down-plunge, drilling has started on deep step-out holes approximately 120m further down-plunge from the previously deepest intersection of 14m at 4.3g/t intersected in SGRD971.”

Koula

Located approximately 1km to the east of Antenna, Koula was discovered through field reconnaissance and coincident recent artisanal workings in an area previously considered to be a lower exploration priority.  A 4 rig infill program of RC and diamond drilling with the goal of infilling the deposit to 25m centres to support an upgraded Indicated classification has been completed. This further supports the rapid advancement and inclusion in the forthcoming Feasibility Study.

Mineralization is hosted by quartz-carbonate veining associated with a well developed mylonitic fabric within and along the interpreted margins of a tholeiitic basalt which in turn has been tightly folded.  Coarse gold is commonly recorded in the higher grade zones (eg. Figure 3 – coarse gold in drill core, SGRC1083), with drilling highlighting a consistent moderate southerly plunge to the high grade core over at least 350m, and where it remains open to the south with hole SGRD971 intersecting 14m at 4.3 g/t Au from 273m downhole.

Highlights from the most recent phase of the Indicated infill drilling program at Koula include:

• 12 metres (“m”) at 38.3 grams per tonne gold (“g/t Au”) in drill hole SGRD1065 from 180m including
  • 4m at 104.4 g/t Au from 181m
• 16m at 28.3 g/t Au in drill hole SGRD1083 from 77m including
  • 2m at 159.6 g/t Au from 83m
• 15m at 24.0 g/t Au in drill hole SGRC1025 from 42m including
  • 3m at 95.7 g/t Au from 47m
• 9m at 30.5 g/t Au in drill hole SGRD1064 from 124m including
  • 5m at 52.2 g/t Au from 124m
• 13m at 15.1 g/t Au in drill hole SGRD1032 from 189m including
  • 3m at 42.7 g/t Au from 195m
• 11m at 13.9 g/t Au in drill hole SGRD1066 from 203m including
  • 4m at 12.7 g/t Au from 205m and
  • 1m at 72.3 g/t Au from 213m
• 5m at 19.1 g/t Au in drill hole SGRD1070 from 110m including
  • 2m at 45.5 g/t Au from 112m
• 13m at 7.3 g/t Au in drill hole SGRD1034 from 108m including
  • 2m at 30.7 g/t Au from 108m
• 10m at 9.4 g/t Au in drill hole SGRD1086 from 44m including
  • 2m at 31.3 g/t Au from 47m
• 11m at 6.4 g/t Au in drill hole SGRD1029 from 34m including
  • 2m at 14.4 g/t Au from 37m
• 11m at 5.6 g/t Au in drill hole SGRD1033 from 158m
• 19m at 3.9 g/t Au in drill hole SGRD1039 from 162m
• 12m at 5.3 g/t Au in drill hole SGRD1073 from 188m

Click here to view the full listing of drill results from the recent drilling programs at the Séguéla Gold Project. Note: all results are reported as down-hole intervals which represent approximately 60% of true width.

Catalysts and Next Steps

Quality Assurance/Quality Control

All drilling data completed by Roxgold utilized the following procedures and methodologies. All drilling was carried out under the supervision of Roxgold personnel.

RC drilling used a 5.25 inch face sampling pneumatic hammer with samples collected into 60 litre plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Aircore (“AC”) drilling was collected in one metre intervals and sampled in a similar fashion to RC methods. Once collected, RC and AC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company controlled core yard.

DD drill holes were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one metre. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at Séguéla. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Séguéla RC, AC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamoussoukro for preparation. Samples were dried and crushed by the Lab and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200g sample. Samples are then shipped via commercial courier to ALS’s analytical facility in Ouagadougou, Burkina Faso where routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the Lab inserted its own quality control samples.

For more information on the Company’s QA/QC and sampling procedures, please refer to the Company’s Annual Information Form for the year ended December 31, 2019, available on the Company’s website at www.roxgold.com and on SEDAR at www.sedar.com.

Qualified Person

Paul Weedon, MAIG, Vice-President, Exploration for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release, including the QA/QC, sampling, analytical and test data underlying this information. Mr. Weedon verified the information in the news release by reviewing the drill logs, geological interpretations and supporting analytical data. No limitations were imposed on Mr. Weedon’s verification process.

Roxgold’s disclosure of Mineral Reserve and Mineral Resource information is governed by NI 43-101 and under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM. There can be no assurance that those portions of Mineral Resources that are not Mineral Reserves will ultimately be converted into Mineral Reserves.

For more information on the Séguéla Gold Project please refer to the technical report dated November 30, 2020 entitled “NI 43-101 Technical Report, Séguéla Project, Worodougou Region, Cote d’Ivoire” available on the Company’s website at www.roxgold.com and SEDAR at www.sedar.com.

About Roxgold

Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Gold Mine located on the Houndé greenstone belt in Burkina Faso and is advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.

For more information, contact:

Roxgold Inc.

Graeme Jennings, CFA
Vice President, Investor Relations
416-203-6401
gjennings@roxgold.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Such forward-looking statements include, without limitation: economic statements related to the PEA, such as future projected production, capital costs and operating costs, statements with respect to Mineral Reserves and Mineral Resource estimates, recovery rates, timing of future studies including the feasibility study, environmental assessments and development plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. In certain cases, forward-looking information may be identified by such terms as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “shall”, “will”, or “would”. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the PEA, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, any potential upgrades of existing resource estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s properties in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: delays resulting from the COVID-19 pandemic, changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements, including the factors included in the Company’s annual information form for the year ended December 31, 2019. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.